Daily Market Review 30/04/2013

The euro has slipped as Europe’s share markets have advanced strongly this morning, as investors positioned for the European Central Bank and the U.S. Federal Reserve have extended their monetary measures to stimulate economic growth across the region. Opinions remain divided as to whether the ECB will lower interest rates, however, data is expected to show euro zone inflation falling further below the ECB’s target. This would add to the case for a cut, which has been building all month as economic data points to a slowdown in business activity across the continent.

“Expectations of further monetary stimulus from global central banks combined with indications that the pace of fiscal austerity may be eased in the euro-zone are encouraging the pick up in risk seeking behavior,” Lee Hardman, currency analyst at the Bank of Tokyo-Mitsubishi UFJ said in an note.

The pan-European FTSEurofirst 300 index, on course for its 11th straight monthly gain, is currently up 0.5 percent at 1,208.50 points in early trading, taking its April rise to 1.6 percent. London’s FTSE 100, Paris’s CAC-40 and Frankfurt’s DAX have risen 0.3, 0.25 and 0.9 percent respectively.

The gains in Europe follow on from yesterday’s record close for the S&P 500 index on Wall Street and Tuesday’s 1.1 percent jump in MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS to a seven month high.

The euro has edged down 0.2 percent to $1.3070, supported by the formation of a new government in Italy but pressured by the expectations of a rate cut at the ECB’s monthly policy meeting. The new government in Italy has filled a two-month political vacuum in the euro zone’s third-largest economy. Relief has helped to bring the country’s five- and 10-year borrowing costs down to their lowest level since October 2010 as of yesterday.

The dollar on the other hand remains steady at 97.77 yen, having retreated from a four-year high of 99.95 earlier this month when the Bank of Japan announced massive monetary stimulus plans.

Elsewhere gold has fallen 1 percent as outflows from exchange-traded funds and surging stocks undermine confidence in the precious metal and tempt investors into equities. Spot gold is now trading at around $14 an ounce lower at $1,464.

London copper steadied around $7,145 a ton but faces its biggest monthly loss in six months in April. A worsening outlook for global growth has driven investors to cut their commodities exposure, but expectations of more central bank easing has curbed the losses.

Also lifting markets, Apple Inc has jumped 3.1 percent to $430.12 after taking initial steps for what would be its first debt sale. The Dow Jones industrial average is up 106.20 points, or 0.72 percent, at 14,818.75, and The Standard & Poor’s 500 Index is up 11.37 points, or 0.72 percent, at 1,593.61. The Nasdaq Composite Index is up 27.76 points, or 0.85 percent, at 3,307.02, and among energy shares, Chevron Corp has risen 1.1 percent to $121.32.

Disclaimer:
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.

Economin Events 29/04/2013

Monday 29.04.2013
Japan Holiday – Showa Day
China Holiday – Labor Day

07:00 EUR Spanish Retail Sales (YoY)

Forecast: -11.0% Previous: -8.0%
Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity. A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

09:00 EUR Consumer Confidence

Forecast: -22.0 Previous: -23.5
Consumer Confidence measures the level of consumer confidence in economic activity. It is a leading indicator as it can predict consumer spending, which plays a major role in overall economic activity. The reading is compiled from a survey of about 2,300 consumers in the euro zone which asks respondents to evaluate future economic prospects. Higher readings point to higher consumer optimism. A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

12:00 EUR German CPI (MoM)

Forecast: -0.2% Previous: 0.5%
The German Consumer Price Index (CPI) measures the changes in the price of goods and services purchased by consumers. A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

12:00 EUR German CPI (YoY)

Forecast: 1.4% Previous: 1.4%
The German Consumer Price Index (CPI) measures the changes in the price of goods and services purchased by consumers. A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

12:30 US Core PCE Price Index (MoM)

Forecast: 0.1% Previous: 0.1%
The Core Personal Consumption spending (PCE) Price Index measures the changes in the price of goods and services purchased by consumers for the purpose of consumption, excluding food and energy. Prices are weighted according to total expenditure per item. It measures price change from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

12:30 US Personal Spending (MoM)

Forecast: 0.1% Previous: 0.7%
Personal Spending measures the change in the inflation-adjusted value of all spending by consumers. Consumer spending accounts for a majority of overall economic activity. However, this report tends to have a mild impact, as government data on retail sales is released about two weeks earlier. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

14:00 US Pending Home Sales (MoM)

Forecast: 1.0% Previous: -0.4%
The National Association of Realtors (NAR) Pending Home Sales Report measures the change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

22:45 NZD Building Consents (MoM)

Forecast: Previous: 1.9%
Building Consents (also known as Building Permits) measures the change in the number of new building consents issued by the government. Building consents are a key indicator of demand in the housing market. A higher than expected reading should be taken as positive/bullish for the NZD, while a lower than expected reading should be taken as negative/bearish for the NZD.

23:00 KRW South Korean Industrial Production (YoY)

Forecast: Previous: -9.3%
Industrial Production measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities. A higher than expected reading should be taken as positive/bullish for the KRW, while a lower than expected reading should be taken as negative/bearish for the KRW.

23:00 KRW South Korean Industrial Production (MoM)

Forecast: Previous: -0.8%
Industrial Production measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities. A higher than expected reading should be taken as positive/bullish for the KRW, while a lower than expected reading should be taken as negative/bearish for the KRW.

23:30 JPY Household Spending (YoY)

Forecast: 1.8% Previous: 0.8%
Household Spending measures the change in the inflation-adjusted value of all expenditures by consumers. A higher than expected reading should be taken as positive/bullish for the JPY, while a lower than expected reading should be taken as negative/bearish for the JPY.

23:30 JPY Unemployment Rate

Forecast: 4.3% Previous: 4.3%
The Unemployment Rate measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month. The data tends to have a muted impact relative to employment data from other countries because the Japanese economy is more reliant on the industrial sector than personal spending. A higher than expected reading should be taken as negative/bearish for the JPY, while a lower than expected reading should be taken as positive/bullish for the JPY.

Disclaimer:
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.


Daily Market Review 29/04/2013

Shares across Europe are on the rise rose today as investors appear to be counting on easy money from central banks of the euro zone and United States.

Falling approximately 1.3 percent against the dollar last week, the currency is also higher over expectations that the European Central Bank should not be signaling more drastic action when it meets this week.

Milan’s main stock index, the FTSE MIB has also gained over 1 percent in early trading so far, mainly due to the formation of a new government in Italy over the weekend.

The broad FTSE Eurofirst index of top European shares has risen 0.4 percent, adding to last week’s 3.7 percent gain, while Germany’s DAX has risen 0.6 percent and France’s CAC 40 1.0 percent.

Despite these gains however, general market activity is expected to be lighter than usual, with Japan closing for a holiday, China off until Thursday and the ECB and U.S. Federal Reserve meeting later in the week. Speculation is rife that the ECB will cut its main interest rate at its monthly policy meeting on Thursday, given recent weak economic data from across the region.

“The ECB will probably cut the refi rate 25 basis points, but… this move shouldn’t weaken the euro unless the bank drops hints that some more dramatic policy – like a negative deposit rate – is back on the agenda,” said Anna Hibinio, a global forex analyst at JPMorgan.

The euro is now up 0.35 percent to $1.3080 against a generally weaker dollar in comparison to last week, but remains well below a seven-week high of $1.3202, which was hit on April 16th.

The dollar has also dropped 0.2 percent to 97.88 yen, below a 4-year high of 99.95 set earlier in April after the Bank of Japan unveiled its new monetary stimulus plans.

The Fed is widely expected to keep its current pace of bond buying at $85 billion a month when the policy-setting Federal Open Market Committee announces its decision at 1815 GMT on Wednesday.

The uncertain outlook for economic growth, especially in the world’s two big commodity consumers, the United States and China, kept oil and copper prices under pressure, although gold rose 1 percent as its recovery from recent lows continued.

Brent Crude has slipped 41 cents to $102.75 a barrel, after making its biggest weekly gain since November last week despite data showing the U.S. economy grew less than expected pace in the first quarter. U.S. oil was down 27 cents at $92.73 a barrel.

Gold futures on the other hand, which often provide trading cues to cash gold, have hit $1,472.20 an ounce before settling at $1,468.90 an ounce, up $15.30. Spot gold has risen to $6.70 to $1,473 an ounce, providing interesting opportunities to savvy traders today.

Daily Market Review 26/04/2013

Asian stocks traded mixed on Friday as region’s quarterly results showed diverse picture and on the focus of investors is the U.S. Gross Domestic Product for the first three months of 2013. Forex on Nikkei 225 hovered around the 13 900 mark while the yen started the day positively against the dollar. The Japanese benchmark index is going to close flat today after a whole day of gains. The Nikkei 225 added new 4.6 percent this week and become the best performing index in Asia. The benchmark index didn’t manage to move above the 14000 mark as the corporate earnings weighed. On top of the losses list is Advantest as shares of the company fell 9 percent. Fuji Electric also posted losses in the last day of trading for the week as its shares declined by 8 percent. On other side of the list was Japan Tabacco as company predicted a record profit outlook.

Earlier in the day the Japanese central bank left his monetary policy unchanged like expectations of investors. The Bank of Japan announced in the begging of the month that it will buy $75 billion of government bonds every month. The yen moved higher against the dollar after announcement of the central bank today and the Forex of USD/JPY fell to its lowest level in five days. Currently the pair returned some of the losses and it’s moving around 98.50.

In Hong Kong, the major index posted a new positive session to hit a one month high at 22642. The Hang Seng index moved higher by 231 points and it’s available around 22632 points. At the same time the Shanghai Composite Index fell 0.25% and closed at 2193.84 points. Investors sell the airline stocks on fears that the bird flu outbreak would dampen air travel demand. The biggest airlines in China such as Hainan Airlines, Air China and China Eastern Air declined today. All three companies closed more than percent in losses led by Hainan Airlines with 5 percent. The world’s biggest insurer by market value, China Life Insurance, rose 3% after the company showed 79 percent increase in profits.

The South Korean KOSPI closed in the red territory on Friday while Samsung Electronics beat estimates and posted a sixth straight quarter of profit growth. The Forex on Samsung rose by 0.7 percent and investors are awaiting sales figures for the new Galaxy smartphone, which will be launched on Saturday in the U.S.

European equities are expected to open lower as investors are focused to the first quarter gross domestic product in U.S. Expectations of investors are that the world’s largest economy will show growth of 3.1% in the first quarter of the year. In Europe, The FTSE 100 is waited to open down 11 points as yesterday the index closed positive amid the better than expected preliminary GDP. The Forex on DAX also are called down by 12 points at 7820 and the French CAC is called down by 11 points at 3829 points.

The Spanish IBEX is expected to open down 26 points at 8339 after the unemployment rate in the country rose to 27.2 percent on Thursday. The Prime Minister Mariano Rajoy has been trying to get more leeway from the European Union. The country showed a record high unemployment rate, the same level as Greece’s.

Among the earnings, Total and telecoms company Alcatel lucent, German’s BASF and Spanish BBVA will show results today.

Disclaimer:
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.

Economic Events 25/04/2013

12:00 BRL Brazilian Unemployment Rate

Forecast: 5.9% Previous: 5.6%

The Unemployment Rate measures the percentage of the total work force that is unemployed and actively seeking employment. A higher than expected reading should be taken as negative/bearish for the BRL, while a lower than expected reading should be taken as positive/bullish for the BRL.

12:30 USD Continuing Jobless Claims

Forecast: 3060K Previous: 3068K

Continuing Jobless Claims measures the number of unemployed individuals who qualify for benefits under unemployment insurance. A higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD.

12:30 USD Initial Jobless Claims

Forecast: 351K Previous: 352K

Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week. A higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD.

22:45 NZD Trade Balance

Forecast: / Previous: 414M

The Trade Balance measures the difference in value between imported and exported goods and services over the reported period. A positive number indicates that more goods and services were exported than imported. A higher than expected reading should be taken as positive/bullish for the NZD, while a lower than expected reading should be taken as negative/bearish for the NZD.

23:30 JPY Tokyo Core CPI (YoY)

Forecast: -0.4% Previous: -0.5%

The Tokyo Core Consumer Price Index (CPI) measures the change in the price of goods and services purchased by consumers in Tokyo, excluding fresh food. A higher than expected reading should be taken as positive/bullish for the JPY, while a lower than expected reading should be taken as negative/bearish for the JPY.

Disclaimer:
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.

Daily Market Review 25/04/2013

The euro appears to be strengthening on Thursday, as evidence of a weakening U.S. economy is putting the dollar under heavy pressure whilst investors wait to hear if Britain’s stagnant economy has relapsed back into a recession or not.

“We’ve had a run of weak data across the global board, I wouldn’t be surprised to see a softer number coming out of the UK,” said Rainer Guntermann, a strategist at Commerzbank.

Britain’s $2.4-trillion economy is expected to have grown by only 0.1 percent in the first three months of 2013, which although very little would avoid a second quarter of contraction – the definition of a recession – after GDP shrank by 0.3 percent in the final three months of last year.

The recent run of weak economic data has today seen the dollar fall 0.3 percent against a number of the world’s major currencies. This has helped the euro climb 0.2 percent to $1.3042 and back away from a two-and-a-half-week low of $1.2954, recorded yesterday.

Most of Europe’s markets opened on a subdued note following two days of strong gains as the signs of a growing economic slowdown across the region increased talk that the European Central Bank will cut rates next week, with the broad FTSE Eurofirst 300 index of top European shares gained about 0.2 percent in early trade, the Paris CAC-40 and Frankfurt’s DAX flat to 0.2 percent higher.

Britain’s top share index, the FTSE 100 is up 0.5 percent, setting a fresh three-week high, ahead of the national GDP data. U.S. stock futures are up 0.1 percent, indicating a calm Wall Street open.

Earlier today MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 0.7 percent, with Hong Kong shares .HSI rising 1.1 percent and hitting a three-week high, spurred by recovering commodity prices.

Gold and copper prices are approaching one-week highs, while Brent crude oil is holding firm at $101.75 a barrel.

Three-month copper on the London Metal Exchange rose to $7,098 a metric ton this morning (1.123 tons), its highest since April 18, before paring gains to be around $7,043.

Gold stands at $1,443 an ounce by having hit a high of $1,447.66 an ounce earlier in the session, its loftiest level since April 15, the day it posted its biggest ever daily drop in dollar terms.

Disclaimer:
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.

Daily Market Review 24/04/2013

The euro has hit a near three-week low against the dollar this morning and is looking particularly vulnerable to further losses as a result of weak German data coming in across the board.

A Germany survey is showing that trader’s morale has dropped for the second consecutive month, fuelling concerns about the health of the euro zone’s largest economy. The survey alone has hit the euro hard, showing among other things a sharp drop in business activity so far this month. The euro is currently trading at $1.2954, its lowest level in three weeks.

Economists are saying there will be support for the euro around $1.2950 and the 200-day moving average at $1.2940, but it could slide as low as $1.28 in the run-up to an ECB meeting.

On the Asian front, the euro edged down 0.1 percent to 129.16 yen this morning, well off a more than three-year high of 131.10 yen hit earlier this month. The dollar on the other hand remains steady at 99.50 yen, having pulled back from the day’s high of 99.77 yen.

A trader for a Japanese bank in Bangkok said yen-buying by options players, institutional investors and Japanese exporters blocked the dollar’s earlier rise.

Many traders are now bracing themselves braced for a test of the 100 yen mark in the coming days, although offers are being reported around 99.80-85 yen that could limit the dollar’s gains in the short-term.

The Australian dollar has fallen 0.15 percent to US$1.0275, coming under pressure after weaker-than-expected inflation data encouraged investors to bet on a further cut in Australian interest rates, and the New Zealand dollar has found support after the Reserve Bank of New Zealand left interest rates at a record low 2.5 percent and said they would stay there for the rest of the year.

The New Zealand dollar rose 0.8 percent this morning to US$0.8462, pulling away from Tuesday’s three-week low of US$0.8360.

Stock index futures on the other hand are pointing to a higher open on Wall Street today, with futures for the S&P 500, Dow Jones and Nasdaq 100 futures all up 0.2 percent at 0455 EDT.

U.S. stocks climbed confidently yesterday in a broad rally, recovering from sharp declines sparked by a “bogus” Associated Press tweet about explosions at the White House.

Apple yesterday bowed to investors’ demands to share more of its $145 billion cash pile, while posting its first quarterly profit decline in more than a decade after market close. The tech giant initially rose in extended trade, then retreated after the company’s chief executive suggested there would be no new product in the market for a few months.

Yum Brands Inc also reported that quarterly profit fell less than Wall Street expected, despite a sharp drop in sales in its top Chinese market, sending the company’s shares up nearly 6 percent in the late trading session.

Disclaimer:
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.

Economic Events 24/04/2013

01:30 AUD CPI (QoQ)

Forecast: 0.7% Previous: 0.2%

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation. A higher than expected reading should be taken as positive/bullish for the AUD, while a lower than expected reading should be taken as negative/bearish for the AUD.

01:30 AUD Trimmed Mean CPI (QoQ)

Forecast: 0.5% Previous: 0.6%

The Trimmed Mean Consumer Price Index (CPI) measures the change in the price of goods and services purchased by consumers, excluding the most volatile 30% of items. This data helps illustrate underlying inflation trends. A higher than expected reading should be taken as positive/bullish for the AUD, while a lower than expected reading should be taken as negative/bearish for the AUD.

08:00 EUR German Business Expectations

Forecast: 103.0 Previous: 103.6

German Business Expectations rates the expectations of businesses in Germany for the following six months. It is a sub-index of the German Ifo Business Climate Index. A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

08:00 EUR German Current Assessment

Forecast: 109.5 Previous: 109.9

The German Current Assessment rates current business conditions in Germany, without considering future expectations. It is a sub-index of the German Ifo Business Climate Index. A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

08:00 EUR German Ifo Business Climate Index

Forecast: 106.2 Previous: 106.7

The German Ifo Business Climate Index rates the current German business climate and measures expectations for the next six months. It is a composite index based on a survey of manufacturers, builders, wholesalers and retailers. The index is compiled by the Ifo Institute for Economic Research. A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

10:00 GBP CBI Distributive Trades Survey

Forecast: 7 Previous: /

The Confederation of British Industry (CBI) Distributive Trades Survey (DTS) measures the health of the retail sector. The reading is compiled from a survey covering 20,000 firms responsible for 40% of employment in retailing. It includes measures of sales activity across the distributive trades. It is a leading indicator of consumer spending. The figure is the difference between the percentage of retailers reporting an increase in sales and those reporting a decrease. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.

12:30 USD Core Durable Goods Orders (MoM)

Forecast: 0.5% Previous: -0.7%

Core Durable Goods Orders measures the change in the total value of new orders for long lasting manufactured goods, excluding transportation items. Because aircraft orders are very volatile, the core number gives a better gauge of ordering trends. A higher reading indicates increased manufacturing activity. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

12:30 USD Durable Goods Orders (MoM)

Forecast: -2.8               Previous: 5.6%

Durable Goods Orders measures the change in the total value of new orders for long lasting manufactured goods, including transportation items. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

Disclaimer:
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.

Daily Market Review 23/04/2013

US stocks have been steadily climbing today as last week’s drop has brought buyers back to the market and shares in Microsoft have jumped after an activist investor, ValueAct Capital took a $2 billion stake in the company, thereby lifting both the S&P 500 and the Nasdaq.

Shares of Caterpillar have also risen 2.8 percent to $82.71, helping the Dow as the company said a pullback in spending by mining companies was temporary. The stock’s gains came despite a lowered 2013 outlook from the world’s largest maker of construction and mining equipment.

The market’s bounce followed the S&P 500’s worst weekly loss since November and suggested to some market watchers that a much debated market correction has yet to arrive.

The euro on the other hand has now fallen to a two-week low against the dollar after weak German data is fanning concerns surrounding the euro zone and speculation the European Central Bank may cut interest rates. A survey shows Germany’s private sector is shrinking for the first time in five months, adding to worries over the global economic outlook after earlier figures showed Chinese manufacturing growth slowed in April. This therefore is helping the yen climb higher and appears to be driving down the Australian dollar to a six-week low against the U.S. dollar.

The euro has now fallen 0.7 percent to $1.29735 and is threatening to break decisively out of the $1.30 to $1.32 range that it has managed to hold onto for the past couple of weeks.

“Weak German PMI data is hurting the euro and intensifying expectations of a rate cut from the ECB,” said Niels Christensen, currency strategist at Nordea in Copenhagen.

More losses could push the euro towards chart support at its 200-day moving average around $1.2936 and the early April low of $1.2740.

The yen however, appears to be recovering from last week’s dip, with the dollar last down 0.5 percent at 98.69 yen after facing stiff resistance at the 100 yen level, having stalled when it hit a four-year high of 99.95 yen earlier this month.

“The dollar has tested the psychological 100 yen level twice and it will eventually be broken. I don’t think the pullback will be very significant and I can’t see it going below 96 yen unless equities take a real beating,” Nordea’s Christensen said.

Shares in Google are up 0.03 percent at $800.11 on yesterday’s fall. On Friday, Google shares had gained 4.4 percent after the company had posted upbeat results.

The Dow Jones industrial average is also up 19.66 points, and the Standard & Poor’s 500 Index has gained 7.25 points, or 0.47 percent, hitting 1,562.50.

 Disclaimer:
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.

Economic Events 23/04/2013

01:45 CNY Chinese HSBC Manufacturing PMI

Forecast: / Previous: 51.60

Flash figures are released approximately 6 business days prior to the end of the month. Final figures overwrite the flash figures upon release and are in turn overwritten as the next Flash is available. The Purchasing Managers’ Index (PMI) is a composite indicator designed to provide an overall view of activity in the manufacturing sector and acts as an leading indicator for the whole economy.When PMI is below 50.0 this indicates that the manufacturing economy is declining and a value above 50.0 indicates an expansion of the manufacturing economy. A higher than expected reading should be taken as positive/bullish for the CNY , while a lower than expected reading should be taken as negative/bearish for the CNY.

06:58 EUR French Manufacturing PMI

Forecast: 44.3 Previous: 44.0

The French Manufacturing Purchasing Manager’s Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; a reading below 50 indicates contraction. Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance. A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

07:28 EUR German Manufacturing PMI

Forecast: 49.0 Previous: 49.0

The German Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below indicates contraction. Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance. A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

07:58 EUR Manufacturing PMI

Forecast: 46.8 Previous: 46.8

The Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below 50 indicates contraction. Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance. A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

10:00 GBP CBI Industrial Trends Orders

Forecast: -14 Previous: -15

The Confederation of British Industry (CBI) Industrial Trends Orders measures the economic expectations of the manufacturing executives in the U.K. It is a leading indicator of business conditions. A level above zero indicates order volume is expected to increase; a level below zero indicates expectations are for lower volumes. The reading is compiled from a survey of about 550 manufacturers. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP..

12:30 CAD Core Retail Sales (MoM)

Forecast: 1.0% Previous: 0.5%

Core Retail Sales measures the change in the total value of sales at the retail level in Canada, excluding automobiles. It is an important indicator of consumer spending and is also considered a pace indicator for the Canadian economy. A higher than expected reading should be taken as positive/bullish for the CAD, while a lower than expected reading should be taken as negative/bearish for the CAD.

12:30 CAD Retail Sales (MoM)

Forecast: / Previous: 1.0%

Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity. A higher than expected reading should be taken as positive/bullish for the CAD, while a lower than expected reading should be taken as negative/bearish for the CAD.

14:00 USD New Home Sales

Forecast: 420K Previous: 411K

New Home Sales measures the annualized number of new single-family homes that were sold during the previous month. This report tends to have more impact when it’s released ahead of Existing Home Sales because the reports are tightly correlated. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

21:00 NZD Interest Rate Decision

Forecast: 2.5% Previous: 2.5%

The Reserve Bank of New Zealand (RBNZ) governor decides where to set the rate after consulting senior bank staff and external advisers. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation. A higher than expected rate is positive/bullish for the NZD, while a lower than expected rate is negative/bearish for the NZD.

23:00 KRW South Korean GDP (YoY)

Forecast: Previous: 1.5%

Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health. A higher than expected reading should be taken as positive/bullish for the KRW, while a lower than expected reading should be taken as negative/bearish for the KRW.

 Disclaimer:
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.